POSITIONS: Long Healthcare (XLV) and Apple (AAPL); Short Industrials (XLI) and Basic Materials (XLB)
In my note titled “Net Long” at 1140AM EST on Friday, I explained the immediate-term upside scenario. With 1316 TRADE line support intact, we’re looking at finding an immediate-term TRADE overbought signal between 1.
Across my risk management durations, the lines that matter to me most right now are:
- Intermediate-term TREND resistance = 1369
- Immediate-term TRADE resistance = 1337
- Immediate-term TRADE support = 1316
With month-end approaching (Thursday) and the Employment Report (Friday) right after that, I don’t think trading the risk of this immediate-term range is going to be easy. Nothing in this business should be.
We currently have 9 LONGS, 6 SHORTS.
Keep moving out there,
Keith R. McCullough
Chief Executive Officer